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Condor Hospitality Trust shareholders OK NexPoint Hospitality Trust deal

Condor Hospitality Trust Inc. said its shareholders approved the company's planned sale to the operating partnership of fellow hotel real estate investment trust NexPoint Hospitality Trust.

At a special meeting Sept. 23, more than 81.8% of Condor's common stockholders and 100% of its series E cumulative convertible preferred stockholders voted in favor of the transaction, which includes the sale of Condor's operating partnership to a subsidiary of NHT Operating Partnership LLC.

Under the terms of the deal, Condor's common stockholders will receive $11.10 per share while its series E preferred stockholders will receive $10.00 per share. The limited partners of Condor's operating partnership will receive 21.346 cents per partnership interest.

The transaction is slated to close in the fourth quarter.